Okay, now that I've talked to you all about the importance of good credit and finding a first time home buyer workshop, all of this info can be found here from my first post. Now I want to get down to the real reason I was able to purchase a home.
The down payment can be daunting and one of the most discouraging aspects for first time home buyers. The question of where the hell I was going to find tens of thousands of dollars to put down on a house was on my mind. Well my friends, say hello to the many first time home buyer down payment programs out there. Now, if you are in a different city I can't vouch for a great program but, you can search and read about your local city and what they offer.
Many cities that are developing like crazy, like Atlanta, want to build a community but also keep a community - so they offer buyers that fit certain and strict criteria a down payment up to a certain amount. I will list the program(s) that I went through below; I type programs because I went through two, more on that later!
When I say specific criteria, many programs set an income cap, a mandated credit score and also they look at your debit/income ratio. Many of these programs require you attend a workshop but also an information session about their specific program. These programs will put you through many tests, like their information sessions and workshops in order to receive the funds. In my opinion, yes they are time consuming but you are receiving up to $10,000, so you can sit your ass at these sessions for that kind of money.
I went through Invest Atlanta but ended with the Georgia Dream. I will link both of these programs below. I advise reading, reading and more reading. The home buying process is nothing to rush so the more informed you are the better. Each program is different so it's important to read the sites and the different incentives that will work for you.
For those who are discouraged by age or financial situations please know I did it too. I'm 25, I make less than $40k and I'm so happy with my decision. YOU CAN DO IT!
Also, please check with your local credit unions or banks to see what aid they offer.
Stay tuned for more on my home buying series. I will go into more about my process!
image credit: Amber Hakim for Apartment Therapy